Camden National (NASDAQ:CAC) Reaches New 12-Month High – Here’s Why

Shares of Camden National Corporation (NASDAQ:CAC) reached a new 52-week high on Friday . The stock traded as high as $51.93 and last traded at $52.0830, with a volume of 45101 shares traded. The stock had previously closed at $49.66.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Weiss Ratings raised Camden National from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, February 19th. Stephens reaffirmed an “equal weight” rating and issued a $53.00 target price on shares of Camden National in a research report on Thursday, February 5th. Keefe, Bruyette & Woods boosted their target price on Camden National from $45.00 to $47.00 and gave the company a “market perform” rating in a research report on Wednesday, January 28th. Finally, National Bank Financial set a $47.00 target price on Camden National in a research report on Wednesday, January 28th. One research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, Camden National presently has an average rating of “Hold” and a consensus target price of $49.00.

Camden National Price Performance

The firm has a market cap of $869.17 million, a price-to-earnings ratio of 13.33 and a beta of 0.58. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.81 and a current ratio of 0.81. The business has a 50 day simple moving average of $47.94 and a 200-day simple moving average of $44.01.

Camden National (NASDAQ:CAC) last announced its earnings results on Tuesday, January 27th. The financial services provider reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.32 by $0.01. Camden National had a return on equity of 11.22% and a net margin of 17.46%. Equities research analysts expect that Camden National Corporation will post 4.25 earnings per share for the current year.

Camden National Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 30th. Stockholders of record on Wednesday, April 15th will be paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date is Wednesday, April 15th. Camden National’s payout ratio is presently 43.75%.

Institutional Investors Weigh In On Camden National

Hedge funds have recently modified their holdings of the stock. State of Alaska Department of Revenue bought a new stake in shares of Camden National in the 3rd quarter worth approximately $26,000. Russell Investments Group Ltd. raised its holdings in shares of Camden National by 13,790.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,389 shares of the financial services provider’s stock worth $54,000 after purchasing an additional 1,379 shares during the period. Advisory Services Network LLC bought a new stake in Camden National during the 3rd quarter valued at $58,000. Nisa Investment Advisors LLC grew its holdings in Camden National by 15,220.0% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,532 shares of the financial services provider’s stock valued at $66,000 after buying an additional 1,522 shares in the last quarter. Finally, Kestra Advisory Services LLC purchased a new position in Camden National during the 4th quarter valued at about $92,000. Institutional investors own 77.41% of the company’s stock.

Camden National Company Profile

Camden National Corporation is a bank holding company headquartered in Camden, Maine. Through its primary subsidiary, Camden National Bank, the company provides a full range of community banking services to individuals and businesses. Its branch network spans much of the State of Maine, with a concentration in the midcoast, central and southern regions.

The company’s offerings include deposit products such as checking, savings and money market accounts, along with consumer and commercial lending services.